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Facts
The assessee filed its return declaring a total income. Subsequently, the Pr. CIT invoked Section 263, alleging that the assessment order accepting CSR expenses as eligible for deduction under Section 80G was erroneous and prejudicial to the revenue. The Pr. CIT directed the AO to pass a fresh assessment order.
Held
The Tribunal held that the issue of claiming CSR expenditure under Section 80G is highly debatable. The AO's view in the original assessment was a plausible view, and the Pr. CIT's differing opinion constituted a change of opinion, which does not warrant assuming jurisdiction under Section 263.
Key Issues
Whether the Pr. CIT can assume jurisdiction under Section 263 on a debatable issue by forming a different opinion from the AO's plausible view?
Sections Cited
263, 143(3), 144B, 80G
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Income Tax Appellate Tribunal, “F” BENCH, MUMBAI
Before: SHRI SAKTIJIT DEY, HON’BLE & SHRI NARENDRA KUMAR BILLAIYA, HON’BLE
O R D E R